Economy
Sportsbooks Fined By Ohio Commission
The online gambling industry in the United States continues to grow as new states adopt the legislation required to license and regulate operators. It was Ohio’s turn to do so on the 1st of January by signing House Bill 29 into law and allowing online bookmakers to apply for a license issued by the state’s Casino Control Commission.
Shortly after putting the framework in place, Ohio issued 23 type A licenses that allow operators to offer online sports betting services via mobile apps and websites. However, shortly after going live, three bookies breached the gambling advertising rules and received fines for their actions.
What Led to the Fines Handed by Ohio’s Regulator?
Upon receiving their type A license, all operators agreed to follow strict rules regarding sports betting advertising. The regulations do not allow any use of “risk-free” or “free” bets and need to have a clear message in order to prevent problem gambling
However, in the rush of launching their websites, at least three bookmakers active in Ohio failed to respect the advertising restrictions and are now facing hefty fines. BetMGM, DraftKings, and Ceasers are online sportsbooks that repeatedly broke their promise not to promote free bets when the customers are required to risk their own funds. In addition, the Ohio Casino Control Commission established that the same companies did not include a clear message about the dangers of problem gambling in their communications.
Therefore, the brands will have to pay a $150,000 fine for not respecting the guidelines stipulated by the Commission. To make things even worse, this comes after all the licensed bookies received a warning on the 30th of December, 2022, about following these specific rules.
Ohio’s Casino Control Commission executive director, Matt Schuler, said that the bookmakers got several memos about the rules regarding promotions and advertising. However, some of them continue to disregard the law leaving the commission with no choice but to seek penalties.
The Bookmakers’ Position
Caesars Sportsbook
Of course, the companies targeted with fines had the chance to express their stance on the events. Caesars sportsbook, through their assistant general counsel Jeff Hendricks said they are sorry that the issue was identified since they were eager to cooperate with the commission to settle things.
In their case, the rules were broken by an affiliate campaign on Twitter that had a Free Bonus Offer of $100 as a promotional free bet. However, the punter had to make a $20 deposit to be able to enjoy the so-called “free bet”.
DraftKings Sportsbook promised a Free Bonus
Even though the operator highlighted that they are committed to respecting the highest standards of responsible gambling and player protection, DraftKings refused to comment on the fine they’re targeted with.
In this case, the penalty amount could be even higher since the online bookmaker is accused of sending around 2,500 ads to potential customers under 21, who are not allowed to place bets. For this breach of regulations, the operator could receive a $350,000 fine as the investigations are underway.
BetMGM Sportsbook
Finally, BetMGM was also notified about their wrong steps regarding sports betting advertising compliance. The company refused to comment on the events while reassuring its customers that responsible gambling is of utmost importance for the brand.
Even so, the State of Ohio made it very clear that the companies that massively advertise betting on sports need to be aware that their actions are being closely watched.
Other Sanctions Handed by OCCC
This string of fines applied by the Ohio Casino Control Commission is not the first of its kind. Earlier in December, Barstool Sportsbook also received a notice of violation regarding an event that took place on the Toledo University campus. The regulations clearly state that advertising near or on college campuses is forbidden, and Barstool could receive a $250,000 fine for failing to comply.
Overall, the total sum of the proposed sanctions exceeds $1 million, and the commission shows no signs of slowing down. The regulators want to send a clear message to all licensed online bookmakers – follow the rules or pay the price.
Final Thoughts
It is clear that the Ohio Casino Control Commission is determined to follow the law to the letter and not let operators get away with even minor mistakes. This approach is fantastic for player protection and avoiding serious gambling disorders. However, it may cause some bookmakers to reduce their activities in the state, resulting in less income received through online betting taxation.
One thing is sure though, the online gambling industry in the United States continues its spectacular growth. From a market size of $9,5 billion in 2021, the estimates for 2023 are more than optimistic, despite regulators’ strictness.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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